Loan Approval

Dear Mr. Barrack,

We have approved your request for a home equity loan in the amount of $10,000. The term of the loan is fifteen years. The interest rate on the unpaid balance will be calculated according to our standard formula and will start at 9%. Your first payment of $210 is due on July 25.

Thank you for choosing Doe Savings and Loan.
Please call us at 555-5555 if we can serve you further.

Yours Sincerely,
[Your Name]

Loan Approval

Dear Mr. Allan,

Your application went through underwriting successfully, and we will extend to you the $888 loan immediately.

Please come to our office to review the terms and sign the promissory note. The terms are as outlined on the application. In brief, the first payment of $50 is due thirty days after disbursement of the principal. Subsequent payments are due on the first of every month thereafter. Our 10.9% interest rate is good for the entire term of the loan.

Best Wishes,
John Doe